FREEHOLD TOWNSHIP – President George W. Bush came to Freehold Township on March 28 to visit Novadebt, a credit-counseling agency that is working with consumers who have run into mortgage payments that they no longer can afford.
Bush pitched Hope Now, a program made up of 10 credit-counseling agencies nationwide, including Novadebt, which is headquartered on Willowbrook Road, a short distance off Route 9.
After landing at McGuire Air Force Base in Burlington County at about 2 p.m., Bush arrived in Freehold Township via Marine One helicopter at about 2:30 p.m. He met with nine employees, executives and homeowners in a closed-door discussion at Novadebt. The president walked from cubicle to cubicle, shaking employees’ hands.
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He then delivered prepared remarks in which he said, "During my tour, I have met with skilled professionals who provide free mortgage counseling for struggling homeowners. And the reason why I’m here is because we have got an issue in housing in America. The value of the houses have gone down in some areas, and people’s mortgages are resetting.
"In other words, the interest rates are going up. And that has caused consternation and concern and care. A lot of families are facing the frightening prospect of foreclosures. Foreclosures obviously place a terrible burden on a family, as well as they lead to losses for lenders and investors.And this affects our entire economy.
"We have a role to play at the government level, and that is to help lenders and borrowers work together to avoid foreclosure. There’s some homeowners who have made responsible buying decisions, and who could keep their homes with just a little help, some information and some help.
"And so to help them, in October my administration helped bring together a private sector group of lenders, loan servicers, investors, mortgage counselors, which is called the Hope Now alliance. And the members of this group have made some progress. First of all, they agreed to industry wide standards to streamline the process for refinancing and modifying certain mortgages. Hope Now also runs a national hotline to connect struggling homeowners with mortgage counselors just like the folks here at Novadebt.
"I also met with some homeowners who got help. Danny Cerchiaro is with us, from Iselin (Woodbridge). He owns a home that also serves as a studio for his movie production business. Danny and his wife learned their adjustable rate mortgage was resetting to a higher rate this past summer, and he became concerned about financial stability. He was worried about staying in his home. He needed a place for his business and he needed a place to sleep, and he became concerned about whether or not he could afford it.
"He called HopeNow and worked with a mortgage counselor named Penny Meredith. Penny is here. And in less than two months, Penny helped Danny get amore affordable fixed-rate mortgage. Danny calls Penny, and I quote, ‘the magic lady.’ She helped him a lot.
"And there’s a lot of other Americans who can get the same kind of help. One of the reasons I’ve come today is to say to people who are worried about staying in their home, there is help available. There are hundreds of thousands of homeowners who can benefit from calling Hope Now.
"This is a good start. We want to help people.We’re committed to helping our fellow citizens. And I fully understand, as do most Americans, that the housing market problems are complicated and there’s no easy solutions. But in the stories I’ve heard today I’ve seen how Americans are responding with compassion and determination. We will support them with good policies. We will help responsible homeowners weather a difficult period. And in so doing, we will strengthen the dream of homeownership," Bush said.
Joel Greenberg, the president and chief executive officer of Novadebt, said it was very exciting to have the president come to his business and greet his employees.
Jill Feldman, of Howell, the firm’s chief operating officer, said White House staff had been at the office since March 22 preparing for the president’s visit.
"They have been very easy to work with. For the most part, we didn’t know they were here," Feldman said.
In describing the circumstances that some homeowners are facing, Michelle Di- Mauro, a senior housing counselor and Jackson resident, said, "I think it’s unfortunate the number of people with financial difficulties, but the lenders are working with homeowners a lot more."
Homeowners often "don’t know what options they have available. We tell them to communicate with their lender," DiMauro said.
Penny Meredith, a counselor with Brand New Day in Elizabeth, sat in on the roundtable discussion with Bush.
"He makes you feel comfortable. He does," she said.
In advance of the president’s visit to Freehold Township, Congressman Rush Holt (D-N.J.) issued the following statement:
"While I appreciate the president will highlight the good work of Novadebt – which is providing financial education and housing and credit-counseling services to families throughout the country – this is not a complete response to the housing crisis. We are not in this crisis by accident.
"The president seems to think that if only homeowners were more informed and responsible in their mortgage actions, they wouldn’t be in this predicament. In fact, the current economic policy – government deregulation and a lack of oversight of the speculation and trading by the mortgage and housing industries- has had a devastating impact on our families and on the economy as a whole.
"We should be strengthening consumer protections against risky loans and expanding affordable mortgage loan opportunities for families at risk of foreclosure. Historically, we have had a stronger stock market when the Securities and Exchange Commission ismost diligent inmaking sure trading rules are followed. Likewise, we would have fewer mortgage foreclosures if the government prevented mortgage companies from engaging in shady practices," Holt said.
The telephone number to reach Hope Now for assistance is 1-888-995-HOPE.
Michael L. Diamond of the Asbury Park Press was the assigned press pool reporter for the president’s closed event at Novadebt and reported on the president’s visit for Greater Media Newspapers.